Founders
Backing
Founders
We built and exited technology companies before managing capital. That experience shapes every investment decision we make.
The BlackSheep
Philosophy
BlackSheep was built on a simple premise: the best investors in technology companies are those who have built them.
Our team has founded, scaled, and successfully exited multiple companies across different markets and economic cycles. We understand the operational reality of building a technology company — from the uncertainty of the early days to the complexity of scaling globally. That experience informs every investment decision we make and every board seat we hold.
BlackSheep was therefore not designed as a purely financial investor. It was designed as an entrepreneurial venture platform — managed through BlackSheep SGR S.p.A., an AIFM authorized by the Bank of Italy.
BlackSheep is built by entrepreneurs for entrepreneurs. The partners have spent decades operating companies, managing teams, negotiating exits, and navigating growth and crisis alike. This shapes how the firm invests: not through financial engineering alone, but by helping companies build durable businesses. For founders, this means working with investors who understand product-market fit, hiring inflection points, and the psychological realities of company building.
BlackSheep approaches venture capital as a continuation of entrepreneurship — not a purely financial activity. The role of the firm extends beyond capital allocation: it is to help companies become structurally stronger organizations, supporting founders on strategic decisions, go-to-market execution, and organizational scaling. Board participation is active and operational. Capital is only one component of the value created.
BlackSheep follows a revenue-first philosophy. In markets dominated by narrative cycles and valuation inflation, the firm prioritizes companies where real adoption, paying customers, and scalable revenue models already exist. This discipline reduces technological risk and aligns incentives around sustainable growth. The objective is not to chase trends, but to back businesses capable of generating long-term enterprise value.
BlackSheep focuses on industry-specific applications of artificial intelligence and data technologies. Rather than investing in horizontal tools with broad but shallow adoption, the firm concentrates on sectors where AI transforms core economic processes. In these environments, technology is not a feature layer — it becomes a structural component of the operating model. This specialization allows the firm to develop domain knowledge, stronger networks, and better pattern recognition across investments.
BlackSheep operates with a European strategic lens. The firm believes the next generation of technology companies in Europe will emerge in sectors where regulation, infrastructure, and industry complexity create barriers to entry — environments that reward deep expertise and disciplined company building. By combining entrepreneurial experience with sector specialization, BlackSheep supports European technology companies capable of competing globally.
At its core, BlackSheep is a partnership model. Founders choose investors not only for capital, but for alignment, judgment, and long-term commitment. The firm's philosophy rests on a simple principle: capital should come with experience, and experience should translate into practical support. Every investment is approached with the same question — how can this company become stronger, more resilient, and more valuable over time?
BlackSheep I
MadTech Fund
Fund I was among the first venture funds dedicated to the convergence of marketing, advertising and technology — a sector we anticipated would be fundamentally reshaped by data infrastructure and artificial intelligence.
Active between 2021 and 2025, the portfolio included companies operating across several key segments of the MadTech stack, including programmatic advertising intelligence, performance marketing analytics, influencer-marketing platforms, creative automation and large-scale content personalisation, as well as AI-driven campaign optimisation and predictive budget allocation.
The fund is now fully deployed and closed, with a strong realised track record across multiple exits and value-creation milestones.
BlackSheep II
Domain-Specific AI
BlackSheep Fund II is built on the conviction that the most durable AI companies will be those that embed intelligence directly into the operational workflows of specific industries.
Our thesis focuses on AI-native software systems where autonomous agents execute complex tasks within controlled runtime environments, making artificial intelligence a core operational layer rather than a feature inside traditional SaaS.
We invest in B2B software companies building Vertical AI and Domain-Specific AI platforms, designed to transform how work is performed inside defined sectors.
Instead of horizontal tools addressing generic use cases, we back focused vertical champions with deep workflow integration, proprietary data loops and strong operational lock-in.
The fund invests from Seed to Series B in European companies built for global markets.
Submit Your PitchWhere We
Invest
Industry-specific and AI-native enterprise software with deep workflow integration, strong retention, and the potential to become category leaders.
Data infrastructure, business intelligence, and analytics platforms that turn data complexity into competitive advantage.
Intelligent process automation, agentic workflows, and platforms that remove friction from knowledge work.
We back companies building sovereign applications, compliant with EU regulations, that reduce dependence on non-European AI providers.